New product optimization and features recommendation based on advanced analytics

New product optimization and features recommendation based on advanced analytics

When creating a new product it is important to know which features have to be considered to make you and your customers happy? in this article, I am answering this question…

Let assume that your company wants to create a new or update a product, many questions need to be answered like:

  1. Which features are important to consider in the new product, i.e., we should consider featuring A with B, or feature Awith C and D.
  2. If A is important how much of A we should consider, i.e., if you want to make a new cake and A is sugar, how much sugar you should consider in the new product?
  3. How markets and customers react to the new product?
  4. How much should be the price for the new product that goes in line with customer satisfaction?
  5. and many more questions based on the different business areas

But if you have data ready from the past for old products, then you can predict the future situation for the new product, by using machine learning and advanced analytics. Let me in the following story tell you how.

Analytics workflow

As we are working in the data science area, it is important to create an analytics product that enables our business partner to work with our results and find answers to their questions. The best way for doing this is to create a dashboard out of our analytics in a way that our business partner be able to work with and also bring him to a level that understands the analytics results.

clustering prediction-markets regression-data-analysis machine-learning product-optimization

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